As businesses continue to pivot operations in response to the “new normal” and COVID-19, new exposures arise. What is your plan to guide your Craft Brewery through the current environment?
What has changed?
Takeout and delivery = Have your Business Automobile Liability limits and cargo increased with your new exposure?
Increased distribution= What are your Product Recall limits and coverages? How do your Risk Transfer Agreements reduce your liability?
Remote employees = How does your Remote Work Agreement with your employees read?
COVID exposures and testing = What are your procedures and how do you communicate them with your staff?
Facilities that are seldom used = Are you regularly inspecting chillers, fermenters? What are your limits should something go wrong? What is a maintenance issue versus an insurance claim?
As a business owner, and certainly from an insurance perspective, proactivity is key. How do you identify and mitigate risk associated with your new exposures?
1. Training and Education
2. Develop and Communicate Policies and Procedures
3. Transfer Risk to another Party: Contracts
4. Understand the Coverages you have, and more importantly those you do not have.
5. Compliance with and Awareness of constantly evolving regulations
6. Do you understand your exposure to Employee Practices Liability Claims?
7. Do you know your exposure to Cyber threats and the average cost of a Cyber claim to a business your size?
Guiding through the current environment requires Risk Management: risk avoidance, reduction, transfer and retention.
If you would like answers to the questions above, or more information, please contact:
Tige Hopper, CIC, CBIA, MBA